2015 07 10acc - NS65985411

ACC (ACC-IN)
DETAILED STOCK REPORT
Mineral Resources / Construction Materials / Construction Materials
Report Date: July 10, 2015

Last Close
Avg Daily Vol
52-Week High
Trailing PE
Annual Div
ROE
LTG Forecast
1-Mo Return
1,485.05 (INR)
242,665
1,774.65
23.8
34.00
14.5%
20.3%
3.1%
July 9, 2015
INDIA NATIONAL Exchange
Market Cap
52-Week Low
Forward PE
Dividend Yield
Annual Rev
Inst Own
3-Mo Return
277.9B
1,336.20
23.3
2.3%
117.9B
25.0%
-8.5%
AVERAGE SCORE
Score Averages
NEUTRAL OUTLOOK: ACC's current score is

relatively in-line with the market.
Construction Materials Group: 6.5

Mineral Resources Sector: 5.0
Average Score Trend (4-Week Moving Avg)

Positive
Neutral
Negative
JUL-2012
JUL-2013
JUL-2014
JUL-2015
HIGHLIGHTS
Peers
Large Market Cap: 7.4

S&P BSE SENSEX Index: 7.7
-6M
-3M
-1M
-1W
RAMCOCEM
Current
9
SHREECEM
ACC
PRISMCEM
DALMIABHA
1Y Trend
THOMSON REUTERS I/B/E/S MEAN
- The score for ACC last changed from 8 to 7 on 06/14/15.
Hold
- The recent change in the Average Score was primarily due to a

decline in the Earnings component score.
40 Analysts
Sell
Mean recommendation from all analysts covering

the company on a standardized 5-point scale.
Reduce
Hold
Buy
Strong
Buy
PRICE AND VOLUME CHARTS

1-Year Return: 3.5%
5-Year Return: 78.4%
BUSINESS SUMMARY
ACC Limited is an India-based company engaged in the manufacturing and selling of cement and ready mix concrete. The Company offers various
cement products, such as ACC-Gold, ACCF2R, ACC Plus and ACC Coastal+. The Company offers various concrete products, such as Permecrete,
Stampcrete and Imprincrete, ready to use mortar, Thermocrete and Hi-densecrete, which have lower environmental footprint. The Company's
subsidiaries include ACC Mineral Resources Limited, Bulk Cement Corporation (India) Limited, Lucky Minmat Limited, National Limestone Company
Private Limited and Singhania Minerals Private Limited.
Page 1 of 11
2015 Thomson Reuters. All rights reserved.
ACC (ACC-IN)
INDICATOR COMPONENTS
The AVERAGE SCORE combines the quantitative analysis of five widely-used investment decision making tools: Earnings,
Fundamental, Relative Valuation, Risk, and Price Momentum. A simple average of the underlying component ratings is normally
distributed to rank stocks on a 1-10 scale (10 being awarded to the most favorable). These factors may be evaluated differently using
alternative methodologies and the importance of individual factors varies across industries, market capitalization and investment styles.
Additional criteria should always by used to evaluate a stock.
Earnings
Fundamental
Relative Valuation
Risk
Price Momentum
PEER ANALYSIS
Currency in INR
PRICE MOMENTUM
Average
Score Ticker
Price
(07/09/15)
1-Mo
Return
11,105.35
1,485.05
VALUATION
3-Mo
Return
1-Yr
Return
Market
Cap
Trailing
PE
1.9%
0.1%
53.0%
380.6B
49.1
3.1%
-8.5%
3.5%
277.9B
23.8
FUNDAMENTAL
Forward
PE
ANALYSTS
Dividend
Yield
Net
Margin
LTG I/B/E/S
Forecast Mean
# of
Analysts
56.5
0.3%
20.8%
32.0% Buy
30
23.3
2.3%
7.7%
20.3% Hold
40
SHREECEM
ACC
RAMCOCEM
339.95
7.2%
3.9%
18.0%
80.0B
34.8
22.8
0.4%
9.5%
-- Buy
15
PRISMCEM
109.60
6.6%
-10.0%
55.0%
58.4B
2220.0
31.4
--
--
-- Buy
10
DALMIABHA
590.15
2.2%
30.4%
26.2%
48.0B
153.3
27.8
0.3%
3.7%
JKCEMENT
623.55
9.4%
-10.0%
61.0%
44.9B
30.5
19.6
0.6%
--
JKLAKSHMI
336.35
9.5%
-9.0%
46.8%
39.7B
38.2
20.1
0.6%
3.4%
ORIENTCEM
174.95
5.9%
-7.4%
84.0%
35.9B
18.4
18.6
1.0%
6.6%
-- Buy
BIRLACORPN
421.30
5.9%
-6.2%
10.8%
32.5B
18.5
9.5
1.4%
5.2%
-- Strong Buy
INDIACEM
94.90
20.1%
-11.5%
-5.4%
29.3B
--
13.0
2.1%
--
OCL
497.10
4.0%
9.9%
70.0%
27.8B
24.1
--
0.8%
--
1,434.39
6.9%
-1.7%
38.4%
95.9B
261.1
24.3
1.0%
8.1%
6.5
Average
PEER COMPANIES
SHREECEM
RAMCOCEM
PRISMCEM
DALMIABHA
JKCEMENT
Shree Cement
Ramco Cements
Prism Cement
Dalmia Bharat
J K Cement
Page 2 of 11
JKLAKSHMI
ORIENTCEM
BIRLACORPN
INDIACEM
OCL
JK Lakshmi Cement
Orient Cement
Birla Corp
India Cements
OCL India
-- Strong Buy
-- Buy
55.0% Strong Buy
-- Hold
-- Strong Buy
35.7% Buy
8
17
22
14
6
18
3
16.6
ACC (ACC-IN)
EARNINGS
Currency in INR
Earnings Score Averages
NEGATIVE OUTLOOK: Weak earnings with

recent analyst downgrades or a history of
missing consensus estimates.

Earnings Score Trend (4-Week Moving Avg)
Peers
Positive
Neutral
Negative
JUL-2012
JUL-2013
JUL-2014
JUL-2015

-6M
-3M
-1M
-1W
RAMCOCEM
10
10
Current
10
SHREECEM
PRISMCEM
NR
ACC
DALMIABHA
1Y Trend
EARNINGS INDICATORS
Earnings Surprises
Estimate Revisions
Recommendation Changes
(33.3% weight)
(33.3% weight)
(33.3% weight)
SHREECE
RAMCOCE
RAMCOCE
PRISMCEM
PRISMCEM
ACC
SHREECE
DALMIABH
RAMCOCE
SHREECE
DALMIABH
DALMIABH
ACC
PRISMCEM
ACC
Last 4 Quarters
# Positive Surprises (> 2%)
# Negative Surprises (< -2%)
# In-Line Surprises (within 2%)
Avg Surprise
Last 4 Weeks
-----
# Up Revisions
# Down Revisions
Avg Up Revisions
Avg Down Revisions
HIGHLIGHTS
- The Earnings Rating for ACC declined significantly over the past week
from 7 to 3. The current rating is considerably more bearish than the
Construction Materials industry average of 5.5.
- During the past four weeks, analysts covering ACC have made no
upward or downward EPS estimate revisions for the current quarter.
- There have been 2 upward and 6 downward broker recommendation
changes for ACC over the past 120 days.
# Broker Upgrades
# Broker Downgrades
2
6
PRICE TARGET
The chart indicates where analysts predict the stock price will be within
the next 12 months, as compared to the current price.
12-Month Price Target
2,000
HIGH
Mean
1,660.00
MEAN
High
1,900.00
Low
1,040.00
1,800
1,600
1,485.05
1,400
Target vs. Current
1,200
# of Analysts
1,000
Page 3 of 11
Last 120 Days

0
0
---
LOW
Current Price
Price Target
11.8%
43
ACC (ACC-IN)
EARNINGS PER SHARE

Actuals
24.00
Earnings per share (EPS) is calculated

by dividing a company's earnings by the
number of shares outstanding. Analysts
tend to interpret a pattern of increasing
earnings as a sign of strength and flat
or falling earnings as a sign of
weakness.
Estimates
21.25
Quarterly
21.00
17.33
18.00
15.00
12.92
12.00
9.00
The charts provide a comparison

between a company's actual and
estimated EPS, including the high and
low forecasts.
HIGH
MEAN
LOW
10.23
03-14
06-14
09-14
Actuals
12-14
10.570
--
Low
10.570
--
--
06-15
140
Annual
HIGH
80.00
MEAN
61.72
56.28
LOW
60.00
40.00
2013
2014
2015
MEAN ESTIMATE TREND
10.570
----
--
High
Estimates
100
Current
30 Days Ago
90 Days Ago
% Change (90 Days)
NA
10.570
# of Analysts
120
Q
06-15
06-15
Mean
2015
2016
Mean
60.570
80.480
High
82.480
99.800
Low
45.800
67.000
22
21
# of Analysts
2016
ANALYST RECOMMENDATIONS
Q
--
Y
2015
Y
2016
Thomson Reuters I/B/E/S Mean: Hold (40 Analysts)
Price
Target
Strong Buy
-60.570
80.480
1,630.00
-63.150
83.790
1,650.00
-64.570
85.250
1,600.00
--6.2%
-5.6%
1.9%
Next Expected Report Date: 07/27/15
Buy
10
Hold
16
Reduce
Sell
EARNINGS SURPRISES
Comparing a company's actual earnings to the mean expectation of
analysts results in a difference referred to as a 'positive' or 'negative'
surprise. Research has shown that when a company reports a
surprise, it is often followed by more of the same surprise type.
Surprise Detail (Last 6 Periods)
Surprise Summary (Last 12 Quarters)

Surprise Type
Positive Quarters (> 2%)
Negative Quarters (< -2%)
In-Line Quarters (within 2%)
Amount
Percent
4
7
0
36.4%
63.6%
--
Surprise
Type
Announce
Date
Period End
Date
Actual
EPS
Mean
EPS
Surprise
(%)
POSITIVE
NEGATIVE
NEGATIVE
POSITIVE
POSITIVE
NEGATIVE
02/03/15
10/30/14
07/24/14
04/24/14
02/06/14
10/23/13
12/31/14
09/30/14
06/30/14
03/31/14
12/31/13
09/30/13
17.330
10.230
12.920
21.250
14.650
6.320
10.070
11.520
16.470
14.660
11.290
10.570
72.1%
-11.2%
-21.6%
45.0%
29.8%
-40.2%
ANNUAL REVENUE
A pattern of increasing sales in
conjunction with a rising EPS may
influence a buy recommendation, while
flat or falling sales and faltering
earnings may explain a sell
recommendation. A rising EPS with flat
or falling sales may result from
increased cost efficiency and margins,
rather than market expansion. This
chart shows the sales forecast trend of
all analysts and the highest and lowest
projections for the current and next
fiscal year.
Page 4 of 11
Actuals
Estimates
200B
2015
2016
Mean
127.5B
144.9B
HIGH
High
138.3B
160.3B
MEAN
Low
121.4B
133.6B
LOW
Forecasted Growth
11.1%
26.2%
21
20
180B
160B
140B
120B
100B
109.1B
2013
114.8B
# of Analysts
2014
2015
2016
ACC (ACC-IN)
FUNDAMENTAL
Fundamental Score Averages
POSITIVE OUTLOOK: Strong fundamentals

such as high profit margins, low debt levels, or
growing dividends.

Fundamental Score Trend
Q3
2014
Q4
2014
Q1
2015
Q2
2015
SHREECEM
NR
NR
10
Peers
Positive

Current
ACC
Neutral
RAMCOCEM
Negative
DALMIABHA
PRISMCEM
NR
NR
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2013
2014
3Y Trend
FUNDAMENTAL INDICATORS
Profitability
Debt
Earnings Quality
Dividend
(25% weight)
(25% weight)
(25% weight)
(25% weight)
Revenue Growth
For year over year
ending 03/15
Gross Margin
For trailing 4 qtrs
ending 03/15
Return On Equity
For trailing 4 qtrs
ending 12/14
Net Margin
For trailing 4 qtrs
ending 03/15
SHREE
RAMCO
SHREE
ACC
PRISMC
RAMCO
ACC
DALMIA
ACC
RAMCO
RAMCO
SHREE
DALMIA
ACC
DALMIA
SHREE
PRISMC
DALMIA
PRISMC
5.0% Current Ratio

For year over year
ending 12/14
14.2% Debt-to-Capital
For trailing 4 qtrs
ending 12/14
14.5% Interest Funding
For trailing 4 qtrs
ending 12/14
7.7% Interest Coverage
For trailing 4 qtrs
ending 03/15
1.0 Days Sales In Inv.

For period ending
12/14
0.0% Days Sales In Rec.
For period ending
12/14
3.4%
14.7
PRISMC
46.8
23.7
Div. Growth Rate

For year over year
ending 03/15
Dividend Funding
For trailing 4 qtrs
ending 12/14
Dividend Coverage
For trailing 4 qtrs
ending 12/14
Current Div. Yield
For trailing 4 qtrs
ending 07/15
13.3%
44.4%
2.1
2.3%
HIGHLIGHTS
- The Fundamental Rating for ACC improved significantly over the last
quarter from 7 to 9. The current rating is considerably more bullish
than the Construction Materials Industry Group average of 6.0.
- The company's gross margin has been higher than its Industry Group
average for each of the past five years.
- Of the 49 firms within the Construction Materials Industry Group that
have reported debt-to-capital, ACC is among 27 firms whose balance
sheet is free of long-term debt.
Page 5 of 11
- The company's days sales in inventory has been lower than its
Industry Group average for each of the past five years.
- Of the 67 firms within the Construction Materials Industry Group, ACC
is among 34 companies that pay a dividend. The stock's dividend
yield is currently 2.3%.
ACC (ACC-IN)
RELATIVE VALUATION
Relative Valuation Score Averages
NEUTRAL OUTLOOK: Multiples relatively in-line

with the market.

Relative Valuation Score Trend (4-Week Moving Avg)

Positive
Neutral
Negative
JUL-2012
JUL-2013
JUL-2014
JUL-2015
Peers

-6M
-3M
-1M
-1W
ACC
Current
4
PRISMCEM
DALMIABHA
RAMCOCEM
SHREECEM
1Y Trend
RELATIVE VALUATION INDICATORS

Price to Sales
Trailing PE
Forward PE
(50% weight)
(25% weight)
(25% weight)
PRISMCEM
DALMIABH
ACC
RAMCOCE
ACC
ACC
RAMCOCE
SHREECE
RAMCOCE
SHREECE
DALMIABH
PRISMCEM
DALMIABH
PRISMCEM
SHREECE
Price to Sales
2.4 Trailing PE
23.8
Forward PE
23.3
5-Yr Average
2.2 5-Yr Average
19.4
5-Yr Average
19.2
Rel. to 5-Yr Avg.
8% Premium Rel. to 5-Yr Avg.
S&P BSE SENSEX Index

Rel. to S&P BSE SENSEX
23% Premium Rel. to 5-Yr Avg.
3.6 S&P BSE SENSEX Index

32% Discount Rel. to S&P BSE SENSEX
24.1
S&P BSE SENSEX Index
1% Discount Rel. to S&P BSE SENSEX
22% Premium
19.0
23% Premium
HIGHLIGHTS
- ACC currently has a Relative Valuation Rating of 4 while the S&P BSE
SENSEX index has an average rating of 4.7.
- ACC's Trailing P/E and Forward P/E are both significantly above
(more expensive than) their 5-year averages.
- ACC's Price to Sales ratio of 2.4 represents a 8% Premium to its 5year average of 2.2.
Page 6 of 11
- Based on Trailing P/E, ACC currently trades at a 43% Discount to its

Construction Materials Group peers. On average, the company has
traded at a 29% Premium over the past five years.
- Based on Forward P/E, ACC currently trades at a 6% Discount to its
Construction Materials Group peers. On average, the company has
traded at a 31% Premium over the past five years.
ACC (ACC-IN)
PRICE TO SALES
TRAILING PE
The most recent week's close price divided by the revenue per share.
Price to Sales:
5-Year Average:
S&P BSE SENSEX Index Average:
Construction Materials Group Average:
3.6
3.4
3.2
3.0
2.8
2.6
2.4
2.2
2.0
1.8
1.6
2.4
2.2
3.6
1.7
2011
2012
2013
2014
2015
FORWARD PE
Forward PE:
5-Year Average:
2010
2010
23.8
19.4
24.1
41.6
5-Yr Average
2011
2012
2013
2014
2015
FORWARD PEG
The most recent week's close price divided by the sum of the four
upcoming quarterly consensus estimates.
30
28
26
24
22
20
18
16
14
12
10
Trailing PE:
5-Year Average:
28
26
24
22
20
18
16
14
12
10
8
5-Yr Average
2010
The most recent week's close price divided by the sum of the four most
recently reported quarterly earnings.
The Forward P/E divided by the five-year forecasted growth rate.

23.3
19.2
19.0
24.8
>5.0
4.5
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
5-Yr Average
2011
Forward PEG:
5-Year Average:
2012
Page 7 of 11
2013
2014
2015
2010
1.0
1.6
1.5
1.1
5-Yr Average
2011
2012
2013
2014
2015
ACC (ACC-IN)
RISK
Risk Score Averages
POSITIVE OUTLOOK: Consistent return

patterns (low volatility).

Risk Score Trend (4-Week Moving Avg)
Peers
-6M
-3M
-1M
-1W
10
10
10
10
10
DALMIABHA
RAMCOCEM
SHREECEM
10
10
PRISMCEM
10
ACC
Positive
Neutral
Negative
JUL-2012
JUL-2013
JUL-2014
JUL-2015

Current
1Y Trend
RISK INDICATORS
Magnitude Of Returns
Volatility
Beta (1-year)
Correlation
(25% weight)
(25% weight)
(25% weight)
(25% weight)
ACC
SHREE
RAMCO
DALMIA
PRISMC
ACC
RAMCO
SHREE
ACC
DALMIA
PRISMC
RAMCO
SHREE
DALMIA
PRISMC
DALMIA
SHREE
ACC
PRISMC
RAMCO
Daily Returns (Last 90 Days)

Best
4.1%
Worst
-4.0%
Monthly Returns (Last 60 Months)
Best
26.7%
Worst
-17.9%
Standard Deviation
Last 90 Days
1.83
Last 60 Months
7.81
Intra-Day Swing (Last 90 Days)
Average
2.7%
Largest
5.1%
HIGHLIGHTS
- ACC currently has a Risk Rating of 10 while the S&P BSE
SENSEX index has an average rating of 9.6.
- ACC tends to perform in-line with the S&P BSE SENSEX index
regardless of whether the market is experiencing an up or a
down day.
- In both short-term and long-term periods, ACC has shown high
correlation (>= 0.4) with the S&P BSE SENSEX index. Thus,
this stock would provide only low levels of diversification to a
portfolio similar to the broader market.
- Over the last 90 days, the daily price fluctuations of ACC have
been in-line with the S&P BSE SENSEX index firms.
0.98
0.94
0.93
0.74
0.79
0.71
Correlation vs. S&P BSE

SENSEX
Last 90 Days
Last 60 Months
Correlation vs. Group
Last 90 Days
Last 60 Months
59%
65%
36%
27%
RISK ANALYSIS
Peers
ACC
Best
Daily
Return
Last 90 Days
Worst
#
# Largest
Daily Days Days Intra-Day
Return
Up Down
Swing
Last 60 Months
Best
Worst
Monthly Monthly
Return
Return
4.1%
-4.0%
33
31
5.1%
26.7%
-17.9%
DALMIABHA
10.0%
-6.1%
37
27
11.4%
56.2%
-18.0%
PRISMCEM
6.7%
-4.9%
31
33
13.0%
46.0%
-25.0%
RAMCOCEM
4.8%
-5.3%
28
36
15.6%
23.1%
-30.0%
SHREECEM
10.1%
-4.6%
35
29
10.1%
25.7%
-16.9%
1.9%
-2.6%
29
34
3.1%
11.7%
-10.6%
S&P BSE
SENSEX
Page 8 of 11
Beta vs. S&P BSE

SENSEX
Positive Days Only
Negative Days Only
Beta vs. Group
Positive Days Only
Negative Days Only
ACC (ACC-IN)
PRICE MOMENTUM
Currency in INR
Price Momentum Score Averages
NEUTRAL OUTLOOK: Performance relatively

in-line with the market.

Price Momentum Score Trend (4-Week Moving Avg)

Positive
Neutral
Negative
JUL-2012
JUL-2013
JUL-2014
JUL-2015
Peers

-6M
-3M
-1M
-1W
PRISMCEM
RAMCOCEM
DALMIABHA
10
SHREECEM
10
ACC
Current
1Y Trend
PRICE MOMENTUM INDICATORS

Relative Strength
Seasonality
(70% weight)
(30% weight)
DALMIABH
PRISMCEM
RAMCOCE
RAMCOCE
SHREECE
ACC
PRISMCEM
SHREECE
ACC
DALMIABH
Relative Strength Indicator (scale 1-100, 100 is best)

ACC
Industry Avg
Last 1 Month
53
54
Last 3 Months
50
51
Last 6 Months
51
52
Average Monthly Return (Last 10 Years)

JUL
AUG
SEP
Company Avg
7.1%
0.7%
8.3%
Industry Avg
2.7%
4.3%
4.2%
Industry Rank
46 of 77
25 of 87
31 of 86
PRICE PERFORMANCE
Daily close prices are used to calculate the
performance of the stock as compared to a
relevant index over five time periods.
CNX 500
0.9%
1-Week
-1%
3.1%
4.6%
1-Month
3-Month
ACC
-4.4%
1-Year
Page 9 of 11
CNX 500
1,485.05
6915
52-Week High
1,774.65
7051
52-Week Low
1,336.20
6747
- On 07/09/15, ACC closed at 1,485.05, 16.3% below its 52week high and 11.1% above its 52-week low.
- ACC shares are currently trading 1.9% above their 50-day
moving average of 1,457.45, and 0.9% below their 200-day
moving average of 1,498.54.
- The CNX 500 index is currently 1.9% below its 52-week high
and 2.5% above its 52-week low.
-8.5%
YTD
ACC
Close Price (07/09/15)
6.1%
2.1%
3.5%
13.3%
ACC (ACC-IN)
DETAILED STOCK REPORT TIPS

The Thomson Reuters Stock Report is a comprehensive, company-specific analysis
that includes a proprietary Stock Rating along with underlying component indicators
and supportive data elements. The report is updated daily, although some of the
data elements and the ratings are updated weekly.
Average Score
The Average Score combines a quantitative analysis of five widely-used investment
decision making tools - Earnings, Fundamental, Relative Valuation, Risk, and Price
Momentum. First, a simple average of the five underlying component ratings is
calculated. Then, a normal distribution is used to rank each stock across the market
on a scale of 1 to 10, with 10 being most favorable. A score of 8 to 10 is considered
positive, 4 to 7 is neutral, and 1 to 3 is negative. These five factors may be
evaluated differently using alternative methodologies, and the importance of
individual factors varies across industry groups, market capitalization and
investment styles. Additional criteria should always be used to evaluate a stock.
A company must have sufficient data available for at least three of the five
component indicators in order to receive an overall Average Score. Approximately
85% of the stocks within the coverage universe meet the criteria to generate a
score.
Indicator Components
The five indicators that comprise the stock rating are displayed. Like the stock
rating, the component rating scale is 1 to 10, with 10 being best. A company will
receive an NR for No Rating if the required data elements or criteria are not met. A
detailed section for each component is included in the report.
Indicator Trends
Within each component section, historical score trends are displayed, typically using
a 4-week moving average over a timeframe of the past three years. The dotted
orange line indicates the average of the scores over those three years. The most
recent occurrence of the best and worst scores are also displayed on the chart in
grey boxes to put the current score into historical context.
Next to the trend chart for the company, current score averages are included, along
with peer company comparisons of values from 6 months ago, 3 months ago, 1
month ago, the most recent value from 1 week ago, and the current score. The four
closest industry peers are presented based on similar market capitalization.
Peer Analysis
The Thomson Reuters Business Classification (TRBC) system is used for
industry comparisons. It is designed to track and display the primary business of
a corporation by grouping together correlated companies that offer products and
services into similar end markets. The system includes 10 Economic Sectors, 28
Business Sectors, 54 Industry Groups, and 136 Industries.
The Peer Analysis section of the report compares the company to its ten closest
peers. The peers are selected from the industry based on similar market
capitalization. The peer listing may have fewer than ten companies if there are
fewer than ten companies within that industry classification.
Highlights
The Thomson Reuters proprietary automated text-generation system creates
highlights summarizing the most noteworthy data. The bullets will vary by company
and will change from week to week as different criteria are met.
Earnings
The Earnings Rating is based on a combination of three factors: earnings surprise,
estimate revision, and recommendation changes. Each factor is equally weighted.
Then, equal deciles are used to rank each stock across the market on a scale of 1
to 10, with 10 being most favorable. A stock needs to have at least two of the three
earnings factors in order to receive a score.
Earnings Surprises - The number of positive and negative surprises within the
last 4 periods (quarters or years).

Estimate Revisions - The number of up and down revisions and the average
Mean Estimate Trend

The mean estimates show how the consensus has changed over the past 30 days
and 90 days for the upcoming two quarters (when available) and two years. The
percentage change is calculated for the company as a means for comparison by
measuring the difference between the current consensus estimate and that of 90
days ago.
Analyst Recommendations
The Thomson Reuters I/B/E/S Mean is the mean recommendation of all analysts
covering the stock. The recommendations are presented on a five-point
standardized scale: strong buy, buy, hold, reduce, and sell.
Earnings Surprises
The surprise summary includes the total number of time periods (and
percentage) in the last 12 quarters (quarterly) or last 4 years (annual) in which
earnings surprises were positive, negative, or in-line. In order to be recognized
as a positive or negative surprise, the percent must be greater than 2% above or
2% below the consensus, respectively.
The surprise detail section includes a listing of the company's quarterly earnings
reported for the most recent 6 periods (quarters or years). The consensus
analyst estimate is provided to determine if the actual earnings report
represented a positive surprise, negative surprise, or in-line result.
Fundamental
The Fundamental Rating is based on a combination of four fundamental component
factors: profitability, debt, earnings quality, and dividend. Companies that do not
pay a dividend are not penalized. Each factor is equally weighted. Then, equal
deciles are used to rank each stock across the market on a scale of 1 to 10, with 10
being most favorable. A stock needs to have at least three of the four fundamental
factors present in order to receive a score.
Profitability is comprised of four data elements.
- Revenue Growth: (Net Sales Previous Net Sales) / Previous Net Sales
- Gross Margin: Gross Profit / Net Sales
- Return on Equity: Net Income / Total Equity
- Net Margin: Net Profit / Net Sales
Debt is comprised of four data elements.
- Current Ratio: Current Assets / Current Liabilities
- Debt-to-Capital: Total Debt / Total Capital
- Interest Funding: Interest Expense / Operating Cash Flow
- Interest Coverage: (Pre-Tax Income + Interest Expense) / Interest Expense
Earnings Quality is comprised of two data elements.
- Days Sales in Inventory: 365 / (Cost of Goods Sold / Inventory)
- Days Sales in Receivables: 365 / (Net Sales (Revenues) / Receivables)
Dividend is comprised of four data elements. The company must have a current
dividend yield.
- Dividend Growth Rate: (Dividends per Share Previous Dividends per Share)
/ Previous Dividends per Share
- Dividend Funding: Dividends / Operating Cash Flow
- Dividend Coverage: (Pre-Tax Income + Interest Expense) / (Interest Expense
+ Dividends)
- Dividend Yield: Annual Dividends per Share / Current Market Price per Share
Indicator Trend
The fundamental indicator trend displays either quarterly scores over the past three
years or annual scores over the past six years, depending on the reporting periods
for the country. The best and worst scores can be easily determined from the
values shown on the chart for each quarter or year.
Relative Valuation
The Relative Valuation Rating is based on a combination of three component
factors: Price to Sales (50% weight), Trailing P/E (25% weight), and Forward P/E
(25% weight). After the weightings are considered to combine individual factors,
equal deciles are used to rank each stock across the market on a scale of 1 to 10,
with 10 being most favorable. These common valuation metrics are evaluated
against the overall market, the index, and the company's own historic 5-year
averages. A stock needs to have at least one of the three relative valuation factors
in order to receive a score.
percentage change of those revisions within a 4 week period.

Recommendation Changes - The number of broker upgrades and downgrades in
the last 120 days.

Price Target
The price target is based on the predictions of analysts covering the stock and
shows the high, low and mean price expected within the next 12 months.
Earnings Per Share
The quarterly and annual earnings per share are presented when available, along
with the mean, high and low. Quarterly data is displayed for the past 4 quarters
(actual) and the next 2 quarters (estimated). Annual data is displayed for the past 2
years (actual) and the next 2 years (estimated).
Page 10 of 11
Price to Sales: Close Price / (Sales for 4 Quarters or 1 Year / Shares
Outstanding)
Trailing P/E: Close Price / Most Recent 4 Quarters or 1 Year of Earnings
Forward P/E: Close Price / Upcoming 4 Quarters or 1 Year of Earnings
Valuation Averages
Negative values are excluded when calculating the averages. A maximum value of
100 is placed on Trailing P/E and Forward P/E, a maximum value of 5 is placed on
Forward PEG, and a maximum value of 20 is placed on Price to Sales when
calculating the averages. Higher values are rounded down to the maximum for the
averages.
ACC (ACC-IN)

Valuation Multiples
The valuation multiples provide the Trailing P/E, Forward P/E, Forward PEG, and
Price to Sales for the company and the S&P 500 index average. In addition, a
comparison of the current companys values to its 5-year average and an industry
average are presented. A discount occurs when the companys ratio is valued more
favorably (lower) than that to which it is compared.
Risk
The Risk Rating displays stocks on a scale of 1 to 10 with 10 being awarded to the
least risky stocks. It is derived by looking at a series of long-term (5-year) and
short-term (90-day) stock performance measures including volatility, magnitude of
returns, beta, and correlation. Each factor is equally weighted. Then, equal deciles
are used to rank each stock across the market. A stock needs to have at least two
of the four risk factors in order to receive a score.
Magnitude of Returns The best / worst daily returns in the past 90 days and the
best / worst monthly returns in the past 60 months.

Volatility The standard deviation of the stock price over the last 90 days and
last 60 months, along with the average and largest intra-day stock swing.
Beta Measures the tendency of a securitys returns to respond to swings in the
market, based on the beta of the company versus the relevant index.
Correlation Determines how closely the returns of the stock and the relevant
index move together, measured over the last 90 days and last 60 months.
Risk Analysis
Price analysis for the company and the relevant index is provided over two time
periods. Daily analysis is provided for the last 90 days, whereas monthly statistics
are used for the last 60 months.
Price Momentum
The Price Momentum Rating is based on a combination of two technical
performance factors: relative strength (70% weight) and seasonality (30% weight).
After the weightings are considered to combine individual factors, equal deciles are
used to rank each stock across the market on a scale of 1 to 10, with 10 being most
favorable. A stock needs to have data for the relative strength factor in order to
receive a score.
Relative Strength The relative strength of the company for the last 1 month, 3
months, and 6 months on a scale of 1 to 100.

Seasonality The average monthly return (price performance) for the current
month and next 2 months for the company and industry, over the past 10 years.
A lower industry rank indicates a higher return.
Price Performance
Daily close prices are used to calculate the price performance of the stock. The
performance of the relevant index is also displayed as a means of comparison.
DISCLAIMER
All information in this report is assumed to be accurate to the best of our ability.
Past performance is not a guarantee of future results. The information contained in
this report is not to be construed as advice and should not be confused as any sort
of advice. Investors should consider this report as only a single factor in making
their investment decision.
Page 11 of 11

2015 07 10acc - NS65985411

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ACC (ACC-IN)

DETAILED STOCK REPORT

Mineral Resources / Construction Materials / Construction Materials

Report Date: July 10, 2015

Avg Daily Vol

NEUTRAL OUTLOOK: ACC's current score is

Construction Materials Group: 6.5

Average Score Trend (4-Week Moving Avg)

Large Market Cap: 7.4

THOMSON REUTERS I/B/E/S MEAN

- The score for ACC last changed from 8 to 7 on 06/14/15.

- The recent change in the Average Score was primarily due to a

Mean recommendation from all analysts covering

PRICE AND VOLUME CHARTS

5-Year Return: 78.4%

DETAILED STOCK REPORT

Mineral Resources / Construction Materials / Construction Materials

Report Date: July 10, 2015

DETAILED STOCK REPORT

Mineral Resources / Construction Materials / Construction Materials

Report Date: July 10, 2015

NEGATIVE OUTLOOK: Weak earnings with

Construction Materials Group: 5.5

Earnings Score Trend (4-Week Moving Avg)

Large Market Cap: 6.2

2015 Thomson Reuters. All rights reserved.

Target vs. Current

Last 120 Days

DETAILED STOCK REPORT

Mineral Resources / Construction Materials / Construction Materials

Report Date: July 10, 2015

EARNINGS PER SHARE

Earnings per share (EPS) is calculated

The charts provide a comparison

MEAN ESTIMATE TREND

Thomson Reuters I/B/E/S Mean: Hold (40 Analysts)

Surprise Detail (Last 6 Periods)

Surprise Summary (Last 12 Quarters)

DETAILED STOCK REPORT

Mineral Resources / Construction Materials / Construction Materials

Report Date: July 10, 2015

POSITIVE OUTLOOK: Strong fundamentals

Construction Materials Group: 6.0

Fundamental Score Trend

Large Market Cap: 7.9

5.0% Current Ratio

1.0 Days Sales In Inv.

Div. Growth Rate

DETAILED STOCK REPORT

Mineral Resources / Construction Materials / Construction Materials

Report Date: July 10, 2015

NEUTRAL OUTLOOK: Multiples relatively in-line

Construction Materials Group: 4.7

Relative Valuation Score Trend (4-Week Moving Avg)

Large Market Cap: 3.8

RELATIVE VALUATION INDICATORS

2.2 5-Yr Average

Rel. to 5-Yr Avg.

8% Premium Rel. to 5-Yr Avg.

S&P BSE SENSEX Index

23% Premium Rel. to 5-Yr Avg.

3.6 S&P BSE SENSEX Index

S&P BSE SENSEX Index